Oil prices surge on Opec+ move to cut their production target – Gulf Today
- Date: 04-Apr-2023
- Source: Gulftoday.ae site:gulftoday.ae
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil prices surge on Opec+ move to cut their production target – Gulf Today
A grand view of the Aramco\'s refinery company in Dhahran in Saudi Arabia.
Oil prices surged on Monday after Saudi Arabia and other Opec+ producers announced a surprise cut in their output target, a move that rippled through stock markets, though the dollar failed to hold onto its early gains.
Brent crude futures looked set for its biggest daily percentage gain in around a year, jumping 5.77% to $84.52 a barrel on news Opec+ would aim to cut output by around 1.16 million barrels per day. US crude climbed 6.22% to $80.38.
Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of the year and to $100 for 2024 following the oil output change, which was announced on Sunday, a day before a virtual meeting of an Opec+ ministerial panel including Saudi Arabia and Russia.
“I think the alliance wants to make sure
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